Final Notice
On , the Financial Conduct Authority issued a Final Notice to Victoria Snoddy
Page 1 of 7
FINAL NOTICE
7 February 2024
ACTION
1. By an application dated 5 December 2022 (“the Application”), Victoria Snoddy (“the
Applicant”) applied under section 55A of the Act for Part 4A permission to carry on
the regulated activities of:
a.
agreeing to carry on a regulated activity;
b.
advising on investments (except on pension transfers and pension opt outs);
c.
arranging (bringing about) deals in investments; and
d.
making arrangements with a view to transactions in investments
2. The Application is incomplete.
3. For the reasons listed below, the Authority has refused the Application.
Page 2 of 7
SUMMARY OF REASONS
4. By its Decision Notice the Authority gave notice that it had decided to refuse the
Application. No representations to the Decision Notice were received.
5. The Authority must therefore determine the Application based upon the information
received to date, in circumstances where its requests for information have not been
met. Having reviewed that information, the Authority cannot ensure that the
Applicant satisfies, and will continue to satisfy, the threshold conditions.
6. Authorised firms (and those seeking authorisation) are expected to engage with
the Authority in an open and cooperative way. The failure to provide the requested
information raises concerns that the Applicant would fail to do so if the Application
were to be granted.
7. The failure to provide the information raises concerns as to whether the Applicant:
a. can be effectively supervised by the Authority as required by threshold
condition 2C;
b. has appropriate human resources, given the Applicant’s failure to provide
the Authority with the requested information as required by threshold
condition 2D; and
c. will conduct its business with integrity and in compliance with proper
standards as required by threshold condition 2E.
DEFINITIONS
8. The definitions below are used in this Final Notice.
“the Act” means the Financial Services and Markets Act 2000;
“the Application” means the application referred to in paragraph 1 above;
“the Authority” means the body corporate previously known as the Financial
Services Authority and renamed on 1 April 2013 as the Financial Conduct Authority;
“the Executive Decision Maker” means the member of the Authority’s staff acting
under executive procedures as described in Chapter 4 of the Decision Procedure
and Penalties Manual in the Authority’s Handbook.
“SUP” means the Supervision section of the Authority’s handbook;
“SYSC” means the Senior Management Arrangements, Systems and Controls
section of the Authority’s handbook; and
“the Tribunal” means the Upper Tribunal (Tax & Chancery Chamber).
FACTS AND MATTERS
9. The Application was received by the Authority on 5 December 2022.
10. Further information was requested from the Applicant under section 55U(5) of the
Act.
Page 3 of 7
11. The Authority requested the following information in support of the Application:
a. On 9 August 2023, the Authority emailed the Applicant (and copied the
Applicants professional advisor) a list of 9 questions. The topics included a
request for the Applicant’s CV, details of the Applicant’s employment history,
current employment, how it will source clients, why it needs the permissions
applied for, the Applicant’s approach to consumer duty, it’s business
continuity procedure, confirmation of relevant SMF roles applied for and
more detailed financial projections. The Authority requested a response by 1
September 2023.
b. The Applicant failed to provide the outstanding information by the deadline
for response.
c. On 8 September 2023, the Authority emailed the Applicant (and copied the
Applicants professional advisor) to follow-up on receiving a response to the
Authority’s email on 9 August 2023. The Authority requested a response by
15 September 2023.
d. The Applicant failed to provide the outstanding information by the deadline
for response.
12. On 10 November 2023, the Authority sent a letter to the Applicant by way of email
and recorded delivery, noting the lack of a response to its requests for the
information and informing it that a failure to provide the information would result
in the Application being determined based upon the information received to date
and that this might result in the Authority issuing the Applicant with a Warning
Notice proposing to refuse the Application. The Authority requested a response
within 10 business days (24 November 2023).
13. On 13 November 2023, the letter was signed for at the Applicant’s address.
14. On 17 November 2023, the Authority sent a follow-up email to remind the Applicant
of the need to respond to the letter dated 10 November 2023.
15. On 20 November 2023, the Authority emailed the Applicant’s professional advisor.
The Applicant’s professional advisor responded on the same day to confirm they
were also still attempting to contact the Applicant.
16. On 21 November 2023, the Authority attempted to contact the Applicant by phone
on two numbers. A voicemail was left on both numbers.
17. The Applicant failed to respond to the letter of 10 November 2023 and provide the
outstanding information by the stated deadline for response.
18. On 4 December 2023, the Authority issued a Warning Notice to the applicant. No
representations to the Warning Notice were received.
19. On 21 December 2023, the Authority issued a Decision Notice to the applicant. No
representations to the Decision Notice were received.
Page 4 of 7
IMPACT ON THRESHOLD CONDITIONS
20. Authorised firms (and those seeking authorisation) are expected to engage with
the Authority in an open and cooperative way. The failure to provide the requested
information raises concerns that the Applicant would fail to do so if the Application
were to be granted.
21. The failure to provide the information raises concerns as to whether the Applicant:
a. can be effectively supervised by the Authority as required by threshold
condition 2C;
b. has appropriate human resources, given the Applicant’s failure to provide
the Authority with the requested information as required by threshold
condition 2D; and
c. will conduct its business with integrity and in compliance with proper
standards as required by threshold condition 2E.
22. On the basis of the facts and matters described above, the Authority cannot ensure
that the Applicant will satisfy, and continue to satisfy, the threshold conditions in
relation to all of the regulated activities for which the Applicant would have
permission if the application was granted and accordingly has decided to refuse the
application.
PROCEDURAL MATTERS
23. This Final Notice is given under section 390 of the Act.
24. Sections 391(4), 391(6) and 391(7) of the Act apply to the publication of
information about the matter to which this Notice relates. Under those provisions,
the Authority must publish such information about the matter to which this Notice
relates as the Authority considers appropriate. The information may be published
in such manner as the Authority considers appropriate. However, the Authority may
not publish information if such publication would, in the opinion of the Authority,
be unfair to you or prejudicial to the interests of consumers or detrimental to the
stability of the UK financial system.
25. The Authority intends to publish such information about the matter to which this
Final Notice relates as it considers appropriate.
Authority contacts
26. For more information concerning this matter generally, contact Jagjit Gill, Manager,
Banking & Insurance at the Authority (direct line: 020 7066 5404 / email:
Jagjit.Gill@fca.org.uk).
Page 5 of 7
ANNEX A – REGULATORY PROVISIONS RELEVANT TO THIS FINAL NOTICE
1. Section 55A(1) of the Act provides for an application for permission to carry on one
or more regulated activities to be made to the appropriate regulator. Section
55A(2) defines the “appropriate regulator” for different applications.
2. Section 55B(3) of the Act provides that, in giving or varying permission, imposing
or varying a requirement, or giving consent, under any provision of Part 4A of the
Act, each regulator must ensure that the person concerned will satisfy, and
continue to satisfy, in relation to all of the regulated activities for which the person
has or will have permission, the threshold conditions for which that regulator is
responsible.
3. The threshold conditions are set out in schedule 6 of the Act. In brief, the threshold
conditions relate to:
(1)
Threshold condition 2B: Location of offices
(2)
Threshold condition 2C: Effective supervision
(3)
Threshold condition 2D: Appropriate resources
(4)
Threshold condition 2E: Suitability
(5)
Threshold condition 2F: Business model
Relevant provisions of the Authority’s Handbook
4. In exercising its powers in relation to the granting of a Part 4A permission, the
Authority must have regard to guidance published in the Authority’s Handbook,
including the part entitled Threshold Conditions (“COND”). The main considerations
in relation to the action specified are set out below.
5. COND 1.3.2G(2) states that, in relation to threshold conditions 2D to 2F, the
Authority will consider whether a firm is ready, willing and organised to comply on
a continuing basis with the requirements and standards under the regulatory
system which will apply to the firm if it is granted Part 4A permission.
6. COND 1.3.3AG provides that, in determining the weight to be given to any relevant
matter, the Authority will consider its significance in relation to the regulated
activities for which the firm has, or will have, permission in the context of its ability
to supervise the firm adequately, having regard to the Authority’s statutory
objectives. In this context, a series of matters may be significant when taken
together, even though each of them in isolation might not give serious cause for
concern.
7. COND 1.3.3BG provides that, in determining whether the firm will satisfy, and
continue to satisfy, the Authority threshold conditions, the Authority will have
regard to all relevant matters, whether arising in the United Kingdom or elsewhere.
Page 6 of 7
Threshold Condition 2C: Effective Supervision
8. COND 2.3.3G states that, in assessing the threshold condition set out in paragraph
2C of Schedule 6 to the Act, factors which the Authority will take into consideration
include, among other things, whether it is likely that the Authority will receive
adequate information from the firm to determine whether it is complying with the
requirements and standards under the regulatory system for which the Authority
is responsible and to identify and assess the impact on its statutory objectives; this
will include consideration of whether the firm is ready, willing and organised to
comply with Principle 11 (Relations with regulators) and the rules in SUP on the
provision of information to the Authority.
Threshold condition 2D: Appropriate Resources
9. COND 2.4.2G(2) states that the Authority will interpret the term 'appropriate' as
meaning sufficient in terms of quantity, quality and availability, and 'resources' as
including all financial resources (though only in the case of firms not carrying on,
or seeking to carry on, a PRA-regulated activity), non-financial resources and
means of managing its resources; for example, capital, provisions against liabilities,
holdings of or access to cash and other liquid assets, human resources and effective
means by which to manage risks.
10. COND 2.4.2G(2A) provides that, ‘non-financial resources’ of the firm include human
resources it has available.
11. COND 2.4.2G (3) states that high level systems and control requirements are in
SYSC. The Authority will consider whether the firm is ready, willing and organised
to comply with these and other applicable systems and controls requirements when
assessing if it has appropriate non-financial resources for the purpose of the
threshold conditions set out in threshold condition 2D.
Threshold condition 2E: Suitability
12. COND 2.5.2G(2) states that the Authority will also take into consideration anything
that could influence a firm's continuing ability to satisfy the threshold conditions
set out in paragraphs 2E and 3D of Schedule 6 to the Act. Examples include the
firm's position within a UK or international group, information provided by overseas
regulators about the firm, and the firm's plans to seek to vary its Part 4A permission
to carry on additional regulated activities once it has been granted that permission.
13. COND 2.5.4G(2)(c)G states that examples of the kind of general considerations to
which the Authority may have regard when assessing whether a firm will satisfy,
and continue to satisfy, threshold condition 2E include, but are not limited to,
whether the firm can demonstrate that it conducts, or will conduct, its business
with integrity and in compliance with proper standards.
14. COND 2.5.6G provides that examples of the kind of particular considerations to
which the Authority may have regard when assessing whether a firm will satisfy,
and continue to satisfy, this threshold condition include, but are not limited to,
whether the firm has been open and co-operative in all its dealings with the
Authority and any other regulatory body (see Principle 11 (Relations with
regulators)) and is ready, willing and organised to comply with the requirements
and standards under the regulatory system (such as the detailed requirements of
SYSC and, in relation to a firm not carrying on, or seeking to carry on, a PRA-
regulated activity only, the Prudential Standards part of the Authority’s
Page 7 of 7
Handbook)in addition to other legal, regulatory and professional obligations; the
relevant requirements and standards will depend on the circumstances of each
case, including the regulated activities which the firm has permission, or is seeking
permission, to carry on.
FINAL NOTICE
7 February 2024
ACTION
1. By an application dated 5 December 2022 (“the Application”), Victoria Snoddy (“the
Applicant”) applied under section 55A of the Act for Part 4A permission to carry on
the regulated activities of:
a.
agreeing to carry on a regulated activity;
b.
advising on investments (except on pension transfers and pension opt outs);
c.
arranging (bringing about) deals in investments; and
d.
making arrangements with a view to transactions in investments
2. The Application is incomplete.
3. For the reasons listed below, the Authority has refused the Application.
Page 2 of 7
SUMMARY OF REASONS
4. By its Decision Notice the Authority gave notice that it had decided to refuse the
Application. No representations to the Decision Notice were received.
5. The Authority must therefore determine the Application based upon the information
received to date, in circumstances where its requests for information have not been
met. Having reviewed that information, the Authority cannot ensure that the
Applicant satisfies, and will continue to satisfy, the threshold conditions.
6. Authorised firms (and those seeking authorisation) are expected to engage with
the Authority in an open and cooperative way. The failure to provide the requested
information raises concerns that the Applicant would fail to do so if the Application
were to be granted.
7. The failure to provide the information raises concerns as to whether the Applicant:
a. can be effectively supervised by the Authority as required by threshold
condition 2C;
b. has appropriate human resources, given the Applicant’s failure to provide
the Authority with the requested information as required by threshold
condition 2D; and
c. will conduct its business with integrity and in compliance with proper
standards as required by threshold condition 2E.
DEFINITIONS
8. The definitions below are used in this Final Notice.
“the Act” means the Financial Services and Markets Act 2000;
“the Application” means the application referred to in paragraph 1 above;
“the Authority” means the body corporate previously known as the Financial
Services Authority and renamed on 1 April 2013 as the Financial Conduct Authority;
“the Executive Decision Maker” means the member of the Authority’s staff acting
under executive procedures as described in Chapter 4 of the Decision Procedure
and Penalties Manual in the Authority’s Handbook.
“SUP” means the Supervision section of the Authority’s handbook;
“SYSC” means the Senior Management Arrangements, Systems and Controls
section of the Authority’s handbook; and
“the Tribunal” means the Upper Tribunal (Tax & Chancery Chamber).
FACTS AND MATTERS
9. The Application was received by the Authority on 5 December 2022.
10. Further information was requested from the Applicant under section 55U(5) of the
Act.
Page 3 of 7
11. The Authority requested the following information in support of the Application:
a. On 9 August 2023, the Authority emailed the Applicant (and copied the
Applicants professional advisor) a list of 9 questions. The topics included a
request for the Applicant’s CV, details of the Applicant’s employment history,
current employment, how it will source clients, why it needs the permissions
applied for, the Applicant’s approach to consumer duty, it’s business
continuity procedure, confirmation of relevant SMF roles applied for and
more detailed financial projections. The Authority requested a response by 1
September 2023.
b. The Applicant failed to provide the outstanding information by the deadline
for response.
c. On 8 September 2023, the Authority emailed the Applicant (and copied the
Applicants professional advisor) to follow-up on receiving a response to the
Authority’s email on 9 August 2023. The Authority requested a response by
15 September 2023.
d. The Applicant failed to provide the outstanding information by the deadline
for response.
12. On 10 November 2023, the Authority sent a letter to the Applicant by way of email
and recorded delivery, noting the lack of a response to its requests for the
information and informing it that a failure to provide the information would result
in the Application being determined based upon the information received to date
and that this might result in the Authority issuing the Applicant with a Warning
Notice proposing to refuse the Application. The Authority requested a response
within 10 business days (24 November 2023).
13. On 13 November 2023, the letter was signed for at the Applicant’s address.
14. On 17 November 2023, the Authority sent a follow-up email to remind the Applicant
of the need to respond to the letter dated 10 November 2023.
15. On 20 November 2023, the Authority emailed the Applicant’s professional advisor.
The Applicant’s professional advisor responded on the same day to confirm they
were also still attempting to contact the Applicant.
16. On 21 November 2023, the Authority attempted to contact the Applicant by phone
on two numbers. A voicemail was left on both numbers.
17. The Applicant failed to respond to the letter of 10 November 2023 and provide the
outstanding information by the stated deadline for response.
18. On 4 December 2023, the Authority issued a Warning Notice to the applicant. No
representations to the Warning Notice were received.
19. On 21 December 2023, the Authority issued a Decision Notice to the applicant. No
representations to the Decision Notice were received.
Page 4 of 7
IMPACT ON THRESHOLD CONDITIONS
20. Authorised firms (and those seeking authorisation) are expected to engage with
the Authority in an open and cooperative way. The failure to provide the requested
information raises concerns that the Applicant would fail to do so if the Application
were to be granted.
21. The failure to provide the information raises concerns as to whether the Applicant:
a. can be effectively supervised by the Authority as required by threshold
condition 2C;
b. has appropriate human resources, given the Applicant’s failure to provide
the Authority with the requested information as required by threshold
condition 2D; and
c. will conduct its business with integrity and in compliance with proper
standards as required by threshold condition 2E.
22. On the basis of the facts and matters described above, the Authority cannot ensure
that the Applicant will satisfy, and continue to satisfy, the threshold conditions in
relation to all of the regulated activities for which the Applicant would have
permission if the application was granted and accordingly has decided to refuse the
application.
PROCEDURAL MATTERS
23. This Final Notice is given under section 390 of the Act.
24. Sections 391(4), 391(6) and 391(7) of the Act apply to the publication of
information about the matter to which this Notice relates. Under those provisions,
the Authority must publish such information about the matter to which this Notice
relates as the Authority considers appropriate. The information may be published
in such manner as the Authority considers appropriate. However, the Authority may
not publish information if such publication would, in the opinion of the Authority,
be unfair to you or prejudicial to the interests of consumers or detrimental to the
stability of the UK financial system.
25. The Authority intends to publish such information about the matter to which this
Final Notice relates as it considers appropriate.
Authority contacts
26. For more information concerning this matter generally, contact Jagjit Gill, Manager,
Banking & Insurance at the Authority (direct line: 020 7066 5404 / email:
Jagjit.Gill@fca.org.uk).
Page 5 of 7
ANNEX A – REGULATORY PROVISIONS RELEVANT TO THIS FINAL NOTICE
1. Section 55A(1) of the Act provides for an application for permission to carry on one
or more regulated activities to be made to the appropriate regulator. Section
55A(2) defines the “appropriate regulator” for different applications.
2. Section 55B(3) of the Act provides that, in giving or varying permission, imposing
or varying a requirement, or giving consent, under any provision of Part 4A of the
Act, each regulator must ensure that the person concerned will satisfy, and
continue to satisfy, in relation to all of the regulated activities for which the person
has or will have permission, the threshold conditions for which that regulator is
responsible.
3. The threshold conditions are set out in schedule 6 of the Act. In brief, the threshold
conditions relate to:
(1)
Threshold condition 2B: Location of offices
(2)
Threshold condition 2C: Effective supervision
(3)
Threshold condition 2D: Appropriate resources
(4)
Threshold condition 2E: Suitability
(5)
Threshold condition 2F: Business model
Relevant provisions of the Authority’s Handbook
4. In exercising its powers in relation to the granting of a Part 4A permission, the
Authority must have regard to guidance published in the Authority’s Handbook,
including the part entitled Threshold Conditions (“COND”). The main considerations
in relation to the action specified are set out below.
5. COND 1.3.2G(2) states that, in relation to threshold conditions 2D to 2F, the
Authority will consider whether a firm is ready, willing and organised to comply on
a continuing basis with the requirements and standards under the regulatory
system which will apply to the firm if it is granted Part 4A permission.
6. COND 1.3.3AG provides that, in determining the weight to be given to any relevant
matter, the Authority will consider its significance in relation to the regulated
activities for which the firm has, or will have, permission in the context of its ability
to supervise the firm adequately, having regard to the Authority’s statutory
objectives. In this context, a series of matters may be significant when taken
together, even though each of them in isolation might not give serious cause for
concern.
7. COND 1.3.3BG provides that, in determining whether the firm will satisfy, and
continue to satisfy, the Authority threshold conditions, the Authority will have
regard to all relevant matters, whether arising in the United Kingdom or elsewhere.
Page 6 of 7
Threshold Condition 2C: Effective Supervision
8. COND 2.3.3G states that, in assessing the threshold condition set out in paragraph
2C of Schedule 6 to the Act, factors which the Authority will take into consideration
include, among other things, whether it is likely that the Authority will receive
adequate information from the firm to determine whether it is complying with the
requirements and standards under the regulatory system for which the Authority
is responsible and to identify and assess the impact on its statutory objectives; this
will include consideration of whether the firm is ready, willing and organised to
comply with Principle 11 (Relations with regulators) and the rules in SUP on the
provision of information to the Authority.
Threshold condition 2D: Appropriate Resources
9. COND 2.4.2G(2) states that the Authority will interpret the term 'appropriate' as
meaning sufficient in terms of quantity, quality and availability, and 'resources' as
including all financial resources (though only in the case of firms not carrying on,
or seeking to carry on, a PRA-regulated activity), non-financial resources and
means of managing its resources; for example, capital, provisions against liabilities,
holdings of or access to cash and other liquid assets, human resources and effective
means by which to manage risks.
10. COND 2.4.2G(2A) provides that, ‘non-financial resources’ of the firm include human
resources it has available.
11. COND 2.4.2G (3) states that high level systems and control requirements are in
SYSC. The Authority will consider whether the firm is ready, willing and organised
to comply with these and other applicable systems and controls requirements when
assessing if it has appropriate non-financial resources for the purpose of the
threshold conditions set out in threshold condition 2D.
Threshold condition 2E: Suitability
12. COND 2.5.2G(2) states that the Authority will also take into consideration anything
that could influence a firm's continuing ability to satisfy the threshold conditions
set out in paragraphs 2E and 3D of Schedule 6 to the Act. Examples include the
firm's position within a UK or international group, information provided by overseas
regulators about the firm, and the firm's plans to seek to vary its Part 4A permission
to carry on additional regulated activities once it has been granted that permission.
13. COND 2.5.4G(2)(c)G states that examples of the kind of general considerations to
which the Authority may have regard when assessing whether a firm will satisfy,
and continue to satisfy, threshold condition 2E include, but are not limited to,
whether the firm can demonstrate that it conducts, or will conduct, its business
with integrity and in compliance with proper standards.
14. COND 2.5.6G provides that examples of the kind of particular considerations to
which the Authority may have regard when assessing whether a firm will satisfy,
and continue to satisfy, this threshold condition include, but are not limited to,
whether the firm has been open and co-operative in all its dealings with the
Authority and any other regulatory body (see Principle 11 (Relations with
regulators)) and is ready, willing and organised to comply with the requirements
and standards under the regulatory system (such as the detailed requirements of
SYSC and, in relation to a firm not carrying on, or seeking to carry on, a PRA-
regulated activity only, the Prudential Standards part of the Authority’s
Page 7 of 7
Handbook)in addition to other legal, regulatory and professional obligations; the
relevant requirements and standards will depend on the circumstances of each
case, including the regulated activities which the firm has permission, or is seeking
permission, to carry on.